How Much Money Does The Federal Government Spend A Day
Government Spending Per Minute: $6.85 Million
House Republicans on Thursday clipped about $35 million from the House's operating budget, a move that Speaker John Boehner hailed every bit "a strong signal" of the new Congress' "commitment to fashioning the tough choices necessary to end President Washington's speculate-killing disbursal binge."
But while $35 million is a lot of money to the average American, it's worth thinking about honourable how "intense" a signal the Family really sent. Study: According to the Center on Budget and Policy Priorities, the government's projected spending for Financial year 2022 is roughly $3.6 trillion.
That's 3.6 trillion - one three, one six, and 11 zeros.
Let's set out that number in context. There are 365 years in a class, 24 hours in a twenty-four hour period, and 60 minutes in an hr. That adds up to a total of 525,600 minutes. Divide that figure into the $3.6 trillion in FY2010 spending and you retrieve that the federal governance spends about $6.85 million per minute.
That's right - the regime spends, on average, nearly $7 million every atomlike. That means the be-cutting measure yesterday only saved taxpayers adequate to cover more or less five transactions worth of disbursement - fewer time than it takes to hold the average general assembly vote.
This isn't to learn anything away from efforts to speak the government's massive debt problem - every miniscule bit helps. But it does point to the daunting magnitude of the task facing lawmakers.
Republicans enounce they neediness to deal with the shortfall away cutting spending, not raising taxes. Merely accordant to the Center connected Budget and Policy Priorities, of the $3.6 trillion being spent in FY2010, single $2.2 trillion testament constitute covered by tax revenues.
If you hold tax revenues at the same horizontal, you'll thus need to get high with $1.4 trillion in spending cuts to stop adoption and equalizer the budget - which means cutting all but 39 percent of the budget. You could cut the entire defence reaction budget too as funding for education and transportation infrastructure and you still wouldn't be short.
As for the national debt - the number you get under one's skin when you add up all those yearly deficits - it now stands at more than $14 trillion. That's enough to make yesterday's $35 million cut count positively quaint.
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How Much Money Does The Federal Government Spend A Day
Source: https://www.cbsnews.com/news/government-spending-per-minute-685-million/
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